these are the problems accused of being in some countries taking a soft silence on the u.s. for the crisis began in a wait. and see on the subject of the global economy. finance minister who outlines the country's plans for weathering any future financial storms are into these next. and always say advance the commies are about to plunge into another recession the debt crisis in europe is threatening to involve more countries it's not clear how the u.s. is going to pay off their gigantic debt analysts give a pretty grim picture of what's coming to find out how russia plans to deal with these developments in the world economy i'm joined by russia's finance minister. thank you very much for joining me out of sitting at a beach hello prime minister vladimir putin said russia has sustained the head of the crisis and that in fact the level of unemployment in russia now is lower than

it had been before the crisis we know very well that we deserve credit for russia actually being able to withstand a very severe financial crisis from several years ago we are talking about the stabilization fund that if you developed it and other measures but here we see a new wave of problems in the world economy probably another global crisis around the corner. cannot russia withstand it using the same methods or do the methods have to change the way. the new wave is not yet called a crisis there are some of the stations of a crisis or a harbinger or however most economists to think there will not be a new recession but slower rates of development for a lengthy period of several years or perhaps even decades this will certainly have an impact on demand for all goods. at the same time we are expecting higher growth rates in russia as western experts predict too growth rate of about three to four percent is not. real not expecting

a fall in the economy like it was in two thousand and nine hundred g.d.p. literally fell by five point nine percent. there is a more pessimistic scenario most analysts tend to think i won't be a second wave of such as. under these conditions we still have to remain vigilant and must be ready in case of the worst and i. to apply the same methods we still have considerable reserves although smaller but as a whole enough like we needed last time. if this does not last too long we'll be able to resolve the problem and get out of the crisis should have been longer than necessary we have to adjust our policy so far all has not been barred. we have elections coming up in russia and said we're going to stay in the government if we forums are carried out what are you talking about and what we for and can we expect if with me where the kind of the next prime minister. would. like to say my

future is not yet known i said i was ready to work in any capacity if it helps promoting reforms those can be quite different and not only in government concerning reforms it's first and foremost about restructuring ranging from the pension system privatization expanding competition in our economy regulating the tariffs on liberalization of quite a number of industries where the state still prevails and price regulation the reform of housing and communal services has not yet been completed this sector affects literally every citizen and there is much to be done yet it's also about giving more independent power to the regions the financial sector needs more transparency and stability as well as more monitoring of private deposits. reforms need to be carried out pension reform as i mentioned is a priority in some cases we spend too much of public money without proper effect in health care and education where higher standards are required and the money spent should be properly commensurate with the quality expected we may not always do this

properly with all these sectors such as more benefits be a better education or medical treatment or providing better services as a result of such reforms consequently it's necessary that the need for such new services does not mean more taxes should be proper balance. let's talk about the debt crisis that advanced economy space now russia keeps a big part of its savings in foreign bonds but nevertheless russia has what portably cut in half its investment in the us treasury bonds are there concerns that the u.s. might announce the flop on its debt is that. you know we've checked this information that appeared in the press that's not complete and accurate. on the questioning of several market players as of now we are not decreasing our exposure to u.s. securities around forty five percent of our reserves are kept in those obligations

u.s. bonds at the moment are the most secure in the markets and we're not afraid to invest in them. yes their prices may fluctuate but there are no big risks in investing in u.s. debt there are enough of those papers on the market they have high market liquidity and we are sure of the capability of the u.s. to pay for its obligations in years to come so we are not worried i think if the u.s. government take steps to consolidate its budget and cut spending then it's to bill as he would rise and we would have no concerns over the reliability of dollar assets so of course we're waiting on the u.s. government to take such steps so they could raise taxes or cut spending but over the years we would like to see the u.s. deficit shrink over several years as. the debt crisis in europe is threatening italy spain portugal do you think europe will be able to withstand the severe financial crisis without letting the eurozone collapse and in

what way could a pair fall down fall of the euro fact russia. european powers have enough resources to save greece and so we are hoping they will show the will to do that and by that stop the spread of this contagion nonetheless these risks remain we have to. this here at the g. twenty summit and i thought meeting of the i.m.f. board of governors and we have called in european partners to take all necessary measures i think this is just what will happen because they come do it at the same time if the debt crisis does spread it does not affect us too much at least directly because our banks do not hold any of the greek debt the french and german banks on the other hand will suffer greatly because they will have columns on their homes that would not be cleared this will cause problems within these banks problems with these points present some overall problems on these markets because banks are after all the leading players on this in turn may affect growth and this

could have circumstance of effects on us but i would like to stress that we will respond just like during the latest crisis but this time the crisis will have a much smaller of fact. just recently there were heated debates in the media about the possibility that the world's leading the emerging economies the brics nations that is brazil russia india china and south africa could throw a lifeline to europe by possibly buying their debt by russia or already has forty five percent of its reserves in euro denominated assets can it actually afford buying more of europe's debt bonds that issues. or reserves are slowly growing we're buying something in addition all the time but in this case we're not going to buy bonds of risky countries mostly we're going to invest in the bonds of the european union the european financial stability facility therefore all money could come and support to the grantees for the euro zone and in this case we

are not taking the risk on the bar countries because we invest in the euro zone countries as a whole this mechanism will allow us to mobilize our resources we are ready to participate basically it's an enlargement of our investment instruments and it's quite secure we're also ready to provide. additional resources for the i.m.f. and through the i.m.f. help in supporting those countries so we can provide resources through the multilateral instruments the i.m.f. or the european financial stability facility it's profitable for us it seemed vestment of our finances. i was listening to robert zoellick speech recently the head of the bank and he was he was talking about how the world must change especially about the hypocrisy in the attitude of it is the colonies towards emerging economies and this is how it put it i want to read this figure he said when countries with large fiscal deficits preach let's call this

a play into the poor countries what are they really saying or what i say not what i do when countries pay home which to free trade and hold back the vela ping countries with barriers what are they will they say the what i say not what i do they do what i say not what i do a world will fracture to the detriment of the old ways can and must change do you think that is the approach that led to the country to the crisis that advanced economies face now that threatens to affect everyone else. the way western countries have acted has become somewhat outdated has huge consumption and little investments and savings have provoked this crisis at this point most western countries are not ready to reduce their consumption and preserve the pre-crisis development path from this does not let them emerge from crisis and their consumption is not substantiated really konami. this consumption is pulling them into debt so western countries have this issue and they're trying to resolve it by

printing money which only delays the solution we can predict will be economic point of view if this printing of money and supporting of artificial demand will help kick start the engine of the western economy so far this is not yet happened after all what the federal reserve system must on now we can see the situation has become worse because those measures have not been. and one can expect the printing of money will resume i repeat this model of economic development is not perfect and it's the emerging markets and china russia and even brazil as well as a number of other countries with gold and currency reserves that lend money to this on just part trying to be changed it's this pattern that led to the crisis as a matter of fact. while everyone knows that russia's economy is very much dependent on oil prices and you said the expected or prices will drop to sixty dollars a barrel in three to four years from now to be able to withstand such a down in oil prices and i wish it was more true news and what. we expect this fall

will certainly cause a decrease in our economic growth down to nearly zero or below zero but in terms of the bunch of policy it would be able to cope with this within a year after which we have to adjust the policy and reduce expenditure as a whole however we are ready to provide stability for a year or two and fulfill all our duties. thank you very much. thank you. culture is that so much was made we're going to make it a lot of people a very early bird here is it time to rethink capitalism as we know it today should the world still rely on markets to generate wealth when the rich only get richer and.

it. is easy to.

see. wealthy british style holds a. lot of. the target. market. find out what's really happening to the global economy for a no holds barred look at the global financial headlines just to name two kinds of reports. of.

crime in the world reacts to the news about demand proteins running for the russian president next year with him a dead end now planning to replace him as head of. the skeptical about the meaning of the times and continues to enjoy strong approval ratings among the washington post. european leaders are preparing the rescue plan as they battle to stave off a double dip recession on the prospect of greek default while the i.m.f. warns it may not be able to help the group holdings but the fund is accused of being too tough on some called trees. in the us about the crisis began in two thousand and eight. down on freedom of expression in the u.k. as an historic precedent setting for a battle marching in parts of london police say was required to prevent violence and to sort of by far right groups. with andy.

hello there thanks for watching and this is what is coming up the latest from the russian premier league less parking spot that continue to rise for the four two win over class middle. class to start playing the first trophy of the new russian basketball season. and cashing in high this one to show gave go for bill haslam multimillion dollar payday in atlanta. but we start with the football and spartak moscow are up to fourth in the russian premier league table after an impressive forty away when i crossed into summer signing emmanuel and me and many got his goal in as many games but well up to half an hour and just five minutes later. doubled the lead for spot the former russia under twenty one for his first to the

rebound after a scrappy corner. however to the home side any minute to follow go back again he should be seen first left glaringly are marked in the start my finish with the format but still in the first off column i feel that they deserve are still the red white to go to advantage or in many cases cross three one to spots i got the stage to be seen completed his brace the present out blasting high left foot as soon after the restart but any ray of light for the ice seemed to reach. the penalty midwifery the second half so i forty just yesterday finished elsewhere listening to the road i got there when i said damp trustees get banned they beat one nil for the sixth win in seven games well now kick six left of consecutive defeat for always eleventh go of the season. was where my mum rostov won one in a bottom half clash the visitors had romagna melnyk off sent. after the teenage

midfielder picked up a second yellow card but captain roman audibles immediately schooled to give rostov what proved to be the winner. well time and in our moscow fell to reclaim second spot after losing one nil in a rain drenched much struggling pretty forgettable signaling i start there are two eleven minutes before that you may get on a collective a straight first half right there nama i and entertaining my take were held one one at home to rubin spanish midfielder albert is a path ahead the first goal in the russian top flight landed me levelled with the second look now at forty games unbeaten since manager jessica sierra took charge. so look at how the table looks today's any tour on top of that to sky up to second

after that when i was told on saturday then it is the nama spot aka angie terry this evening at the other end krasnodar still only seven points away from getting into the top of top eight teams go on to complete the league title in european places at the end of the regular season elsewhere spot now. they've lost the last four games without scoring a go. but i were in england richard dunne his injury time own goal gave queens park rangers a late one draw at home to aston villa after barry bannan had put the visit head in the penalty spot our knowledge played sunderland on monday night. the rugby world cup wells have thrashed maybe eighty one points to seven to boost their chances of reaching the quarter final set a massive victory bagging wales not some points not put them in second place in group d. last quarter final spot in the poll scott williams getting a hat trick of tries today by fiji next while third place face scrutiny to south africa and then the next game maybe a limit. dated and go home without winning

a single match for russia to see who are likely to go home without a win they are preparing to face the strain at the weekend following a sixty two twelfth russian by island but despite three defeats the bears are happy with how they have performed their first world cup. i hope we're proving our class with each game we play it's our first world cup after all and more experienced teams have lost the similar score to the one we did today and were new to the game but we're ready to show some promise now boxing middleweight world champion dimension piddled has successfully defended his crank stopping fellow russian canady material and in the tenth round pirogue dominated the bag using his height and reach advantage and after being hit by a flurry of punches in the tenth materia seann was pulled from the fight by trainer to concede a technical knock out hit all these thirty one is now unbeaten in nineteen banks idiocy and has lost three of his six bytes since turning pro. and in formula one

read for sebastian vettel is on the brink of retaining his world title after winning an instant bank singapore grand prix mclaren's lewis hamilton to recover from a drive three had to finish fifth after running into the far east make the master class seven time world champion michael schumacher emerged unscathed after that spectacular crash battle they started in poland finish first is nine think three and fourteen races and he needs just one point in the right five races to seal the title mathematically the only man who can beat him is jenson button he finished second ahead of brad solves mark webber. we were a comfortable position for most of the rose which is pretty handy around here because it's quite a big challenge to you know put this actors together not only qualifying also in the rows as a set the pace was good and i'm very pleased and for the championship yeah looks like we have another chance at the next race. now in the n.f.l. the buffalo bills pulled off another stunning comeback to defeat the new england

patriots thirty four points to thirty one buffalo had come back to beat open last weekend on sunday night found themselves twenty one nailed down in the second quarter rob gronkowski there connecting with quarterback tom brady but the bills didn't give up brady was into intercepted four times crucially here in the fourth when the full force into the hands of the buffalo straight in florence he goes over to get the bills thirty one twenty four willie and even though the patriots got another touchdown from work at this time in the five minutes he was not over because of buffalo field goal from ryan lyndall just three seconds there this is the thirty four points to the one way. or the game's going on last night and this is how the results look from their wins for tampa bay seattle green bay and san diego baltimore freshened lewis thirty seven seven also with victories on sunday night were san francisco oakland and detroit fifteen games in total tennessee

carolina pittsburgh in the new york giants also enjoying victories cleveland just squeezed out miami there by single point loss to new orleans forty three. has been a multi-million dollar payday for american go for bill hass he won the fed ex title after beating hunter mahan in a playoff at the top championship in atlanta and moved away with just done eleven and a half million dollars half was tied with the fellow american men at the end of the final round so went to a pile for haas rode his luck chipping his ball from the water here to be in a couple of feet of the pain an incredible shot that kept him in a match which went to a third extra hole than a million found the bunker. and then sent this part past the. amount left past needing to sink his victory a bit of pressure because it was a putt with just over a level million dollars one and. half million for winning the weekend's tour

championship event but also a ten million dollars bonus because it put him top of the pharynx rankings. this seems like. the basketball now where the russian championship is about to start in two weeks pretty iscar have already wrapped up the first trophy the army men beating fenerbahce at the annual domestique up posting pathak off as more. traditionally three european powerhouses come to the russian capital to take part in the governance kick up alongside the host has cut the gears from live through any empennage analogous of greece and turkish side to to the court to do battle for the trophy the red and blues cloud out is sixty nine sixty seven when again just to get us on saturday and phased in and watching the decider the van gives wild game practice ahead of the forthcoming season and the chance to experiment with new players and signing at a game in the opening quarter any doubt would have poor boy include forte is caught in the second muscovites before and some nice passing moves and prove that they're

getting to know each other's game well forty twenty nine at the big intermission the turkish visitors try to stand firm against his guys attack but the army man kept winding their way to the bag more and they continued to play more and more confidently showing solid before moans and pumping pressure on to the basket the winning team was coolly along before the final buzzer seventy three fifty seven and the way to finish is to go despite the friendly status of the term and we are very glad to win as we were competing against top flight teams however there's still a lot of work ahead as we made too many unforced errors. just to take a game. in. this game. but. we don't need any. effect

is he taking place in the boston victory. victory was teamed with a little sadness for the red and blue as it was also make asian to beat their well to tears college and graduate langdon and john wood holder who have both just retired holden born in the us to aggression. citizenship helping his adopted country to european monitors four years ago the army man great spend plenty of time signing autographs for the fans and handed out the words for the tournament's best players at a post match ceremony. one the most valuable player the start of the season just around the corner around so if you want to because last this man will be hoping they're in tip top shape for the challenges ahead complain about half of our team. and while that was going on one of the game's biggest stars kobe bryant was in turkey and didn't really act in there to a club like fenerbahce if no solution is found to the current and be

a lock at the lockout could prevent the start of the new basketball season in america as n.b.a. owners quarrel with players over pay and that could prompt thirteen times and they all start crying to join another eight when he was in istanbul to stage a coaching clinic over the weekend and said continuing his career in case there's an option. there are some that would talk about. i've never been a third a stub also. governor of. the south a lot sweeter now i have a big beautiful so that's the sport for my weather is. my . bringing you the latest in science and technology from around the world. we've got the future covered.

culture is that so much you really make a lot of people you're really looking at is it time to rethink counterterrorism is we know today should the world still rely on markets to generate wealth when the rich only get richer.

we gauge the global reaction to the news that is running for the russian president again next year we did meet their main event and now planning to replace the head of the government's. we've got the announcement now of the analysis join me at least an hour wait for the latest global and russian reaction to putin for president. european leaders are preparing a rescue plan as they battle to stave off a double dip recession and the bra states and greek default while the i.m.f. warns it may not be able to help me. clamp down on freedom of expression in the u.k. has an historic precedent set. going to parts of london. and business russian markets bounce back out to shop losses in early trading while the traditional safe haven asset gold is down fifteen percent from its recent peak joining me for full business bulletin and question.